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Canadian Financial Close: NAFTA uncertainty causes Loonie to drop

Winnipeg, Jan 11, 2018 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, Jan. 11 - The Canadian dollar dropped Thursday, as fears continued to grow about the potential end of the North American Free Trade Agreement.

The Canadian dollar settled Thursday at US$0.7978 or C$1.2535, compared to Wednesday's North American close of US$0.8003 or C$1.2496.

Canada's Foreign Affairs Minister Chrystia Freeland said Thursday while the government is hoping for the best they are prepared for the end of NAFTA.

Gold rose 0.27 per cent in price Thursday to US$1,322.90.

Oil prices rose about one per cent Thursday to hit three- year highs, due to further signs of tightening supply in the United States and expectations that the Organization of Petroleum Exporting Countries' output cuts would underpin the market. Brent crude rose to US$70.05, its highest since November, 2014.

In Toronto, the TSX/S&P Composite Index rose Thursday, supported by gains for energy companies, financial stocks and some mines offsetting pullback from marijuana producers and a slip in Shaw Communications Inc. after its quarterly earnings disappointed investors. The TSX/S&P gained 38.99, or 0.24 per cent, to 16,286.94.

     Canada's agricultural sector performed as follows:
     AGT Food and Ingredients-----up  $ 1.29     at $21.70
     Buhler Industries------------unchanged     at $  4.60
     Maple Leaf Foods-------------dn  $ 0.29    at $ 34.22
     Nutrien Ltd.-----------------dn  $ 1.48    at $ 66.63

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